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The entry to close C. Finley, Drawing would be a. debit C. Finley, Drawing. $3,000: credit C. Finley, Capital. $3,000 b. debit C. Finley, Capital, $3,000: credit C. Finley, Drawing, $3.000 c. debit C. Finley, Capital. $12.000: credit C. Finley, Drawing, $12.000 Od. debit C. Finley, Drawing, $12.000: credit C. Finley, Capital. $12.000

The entry to close C. Finley, Drawing would be a. debit C. Finley, Drawing. $3,000: credit C. Finley, Capital. $3,000 b. debit C. Finley, Capital, $3,000: credit C. Finley, Drawing, $3.000 c. debit C. Finley, Capital. $12.000: credit C. Finley, Drawing, $12.000 Od. debit C. Finley, Drawing, $12.000: credit C. Finley, Capital. $12.000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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Use the following end-of-period spreadsheet to answer the question that follow. Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance A Cash Account Title Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable C. Finley, Capital C. Finley, Drawing Fees Earned Wages Expense Rent Expense Depreciation Expense Dr. 48,000 18,000 6,000 57,000 3,000 63,000 27,000 15,000 Cr. 18,000 25,000 6,000 33,000 Income Statement 155,000 Dr. 63,000 27,000 15,000 Cr. 155,000 Balance Sheet Dr. 48,000 18,000 6,000 57,000 3,000 Cr. 18,000 25,000 6,000 33,000
Transcribed Image Text:Use the following end-of-period spreadsheet to answer the question that follow. Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance A Cash Account Title Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable C. Finley, Capital C. Finley, Drawing Fees Earned Wages Expense Rent Expense Depreciation Expense Dr. 48,000 18,000 6,000 57,000 3,000 63,000 27,000 15,000 Cr. 18,000 25,000 6,000 33,000 Income Statement 155,000 Dr. 63,000 27,000 15,000 Cr. 155,000 Balance Sheet Dr. 48,000 18,000 6,000 57,000 3,000 Cr. 18,000 25,000 6,000 33,000
Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable C. Finley, Capital C. Finley, Drawing Fees Earned Wages Expense Rent Expense > Depreciation Expense Net income 6,000 57,000 3,000 18,000 25,000 6,000 33,000 155,000 63,000 27,000 15,000 237,000 237,000 63,000 27,000 15,000 105,000 50,000 155,000 The entry to close C. Finley, Drawing would be a. debit C. Finley, Drawing, $3,000: credit C. Finley, Capital, $3,000 b. debit C. Finley, Capital, $3,000: credit C. Finley, Drawing, $3.000 c. debit C. Finley, Capital, $12,000: credit C. Finley, Drawing $12,000 d. debit C. Finley, Drawing, $12.000: credit C. Finley, Capital. $12.000 155,000 6,000 57,000 3,000 18,000 25,000 6,000 33,000 155,000 132,000 82,000 50,000 155,000 132,000 132,000
Transcribed Image Text:Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable C. Finley, Capital C. Finley, Drawing Fees Earned Wages Expense Rent Expense > Depreciation Expense Net income 6,000 57,000 3,000 18,000 25,000 6,000 33,000 155,000 63,000 27,000 15,000 237,000 237,000 63,000 27,000 15,000 105,000 50,000 155,000 The entry to close C. Finley, Drawing would be a. debit C. Finley, Drawing, $3,000: credit C. Finley, Capital, $3,000 b. debit C. Finley, Capital, $3,000: credit C. Finley, Drawing, $3.000 c. debit C. Finley, Capital, $12,000: credit C. Finley, Drawing $12,000 d. debit C. Finley, Drawing, $12.000: credit C. Finley, Capital. $12.000 155,000 6,000 57,000 3,000 18,000 25,000 6,000 33,000 155,000 132,000 82,000 50,000 155,000 132,000 132,000
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